Maintaining a strong relationship with the agent.
I don't know if there are widely understood guidelines for this sort of thing, but for ME, for my standards of how I want to deal with people, it's important that I not take advantage of others (as well as not being taken advantage of). So, again, this is a totally personal decision and I have no idea whether it's something others would share, but for me it would be taking advantage of the agent's time to have her spend hours and hours trying to get a big deal for me and then, when she's unable to do so, making my own smaller deal without her.
There may also be a more practical benefit in that she may be less interested in trying to sell future works for me if she knows it's a bigs-or-nothing situation. I don't think any agent is going to refuse to represent a book she believes is going to sell to the bigs just because she got cut out of a previous deal, but if there's a borderline book (for example, one of my m/m romances that I think might be able to bust out of the e-book world) I can see her being more interested in making an effort for it if she knows she'll at least get SOMETHING for her time, eventually.
But mostly for me, it's a relationship thing. I truly believe my agent does her best to sell my book with the big guys, and I'd like her to get some financial rewards for that, even if she's not successful. So the long term benefit is that I feel good about myself, her, and our relationship.
Right, right. I mean that's what I figured you'd say about maintaining the relationship, which totally makes sense, if the agent is able to provide other things that are of value to you in the business relationship.
Having not yet, ever tried to get an agent, I have a limited knowledge of what all goes on behind the scenes. So far I've really only pursued the digital first market on my own, but I think I might like to try all paths eventually with different projects.
By all paths I mean eventually some self publishing, and maybe try to pitch a certain type of book to an agent at some point. There are so many options out there, it gets confusing which to try.
But back on topic I'll say again, that I think the OP is wrong about "fewer and fewer authors getting a print deal", because I think the situation is really more about options broadening, and publishers taking on good books that they wouldn't have risked trying out on the mass market paperback scene, but that they'll give a chance to in ebook.
However from talking with other authors and reading writer message boards, there is a wide spectrum, in terms of which publishers are worth taking these digital first, or digital only deals with, and unfortunately bigger is not always better.
Some of the big publishers are giving authors a reasonable deal on their digital only books, and some are giving authors a very poor deal indeed. So be sure to do your research.